THE HOT STORY

Revolut to shift 40% of its global workforce to India

London-headquartered fintech firm Revolut has said it plans to have around 40% of its global workforce based in India by the end of 2026 as it expands its India global capability centre. The company will fill 1,600 roles in its India centre through 2026, taking its headcount in the country to 5,500 by the end of the year. Jonathan Beaney, Revolut's head of talent acquisition, described India as one of the "deepest and most dynamic talent pools in the world." He said: "Our India tech hub is central to our global scale . . . the technical calibre, ambition and excellence we see here ‌make ⁠India a natural long-term home for Revolut."

Reuters

Tech in Asia

STRATEGY

Meta lays off 700 employees

Meta on Wednesday laid off around 700 employees in the Reality Labs unit, as well as some in recruiting, sales and Facebook, according to a person with knowledge of the company. “Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals,” a Meta spokesman said. “Where possible, we are finding other opportunities for employees whose positions may be impacted.” The New York Times notes that less than 24 hours earlier, Meta has introduced a new stock option incentive program for senior executives that could deliver payouts worth hundreds of millions of dollars if the company reaches a $9tn market capitalisation by 2031.

National Australia Bank to cut 170 jobs

National Australia Bank (NAB) is proposing cutting about 170 local jobs as part of a restructuring of its business division, which ‌will also create new roles offshore. Australia's Finance Sector Union, which represents bank workers across the country, said the proposal would make 447 roles redundant while creating 277 new onshore positions, resulting in a net loss of about 170 jobs nationwide. NAB said the changes were part of its strategy to build a "modern workforce."

Reuters

China 'well positioned to advance its life sciences industry'

Roche chairman Severin Schwan says China is poised to enhance its life sciences sector through its high-quality development agenda. Speaking at the China Development Forum 2026, he noted China's significant advancements in healthcare access and the life sciences ecosystem. Schwan highlighted the importance of collaboration and innovation, supported by investments in education and regulatory reforms. He also suggested that a stronger commercial health insurance system could provide sustainable financing for innovation, complementing public funding and ensuring the long-term viability of China's healthcare system.

Chinadaily US Edition

TECHNOLOGY

Australia at ‘sliding doors’ moment on its AI future

Australia has a narrow window to position itself as a regional hub for artificial intelligence infrastructure, according to a study by Deloitte Access Economics. “This is a sliding doors moment for Australia,” lead author John O’Mahony said. He estimates the country needs about A$52bn ($3bn) in digital infrastructure investment by 2030 to ensure its advantage. “A failure to seize this opportunity would represent a generational economic fumble,” O’Mahony added.

Bloomberg

ECONOMY

Japan inflation slips below target as subsidies blur Bank of Japan policy outlook

Japan’s core inflation slowed to 1.6% in February, falling below the Bank of Japan’s 2% target for the first time since 2022 due to government fuel subsidies, though a key underlying measure excluding fuel remained elevated at 2.5%. The mixed signals are complicating the BOJ’s rate guidance, as policymakers weigh persistent underlying inflation against subsidy-driven distortions and rising economic risks linked to higher energy costs and the Iran conflict.

The Japan Times

Nippon

Reuters

INTERNATIONAL

AI set to reduce clerical roles as CFOs signal modest job impact

A survey of around 750 US chief financial officers, produced with economists from the Federal Reserve Banks of Atlanta and Richmond, suggests AI will have a limited overall impact on employment in the near term, with companies expecting headcount to decline by just 0.4% in 2026. However, the effects are expected to be uneven, with AI most likely to displace workers in routine, clerical, and administrative roles, while enhancing productivity in higher-skilled positions such as engineering and technical fields. CFOs were notably more likely to anticipate job cuts in office support functions than in more advanced roles, reflecting a broader shift toward skills-based employment. The findings echo past technological changes, where automation reduced demand for routine work but complemented more educated workers, though economists warn displaced workers may struggle to transition into newly created roles. Larger companies appear more focused on using AI to cut costs, while smaller firms are more inclined to use it to expand and hire technical talent, highlighting a divergence in how businesses are deploying the technology.

Wall Street Journal

Iran-linked hackers step up cyberattacks on Israel

Iran-linked hackers have destroyed the data of over 50 small Israeli companies in the past few weeks and compromised dozens of security cameras, according to Yossi Karadi, the director-general of the Israel National Cyber Directorate. He said most of the targeted companies had existing cybersecurity vulnerabilities, and companies with stronger cybersecurity protections weren’t affected. The near-total internet blackout in Iran has not impacted the pace of attacks. “Some of them are using satellite capabilities, but there are also other ways that they can use to continue doing cyberattacks,” Karadi explained.

Bloomberg

Germany launches alliance to fairly recruit skilled workers

The "WE‑Fair alliance for the fair recruitment of skilled workers" is a newly-established alliance involving the Federal Ministry for Economic Cooperation and Development (BMZ) and partners which seeks to attract foreign skilled workers to Germany while at the same time strengthening training structures and transferring knowledge in their countries of origin. "We often see companies assuming they will get a fully trained employee whom they can deploy immediately," said Edith Otiende‑Lawani, a Kenya‑born managing director of a consulting firm who supports the integration of migrants in the Munich area. "The fairy‑tale notion is that people will arrive already speaking German, integrate quickly, be resilient and be enthusiastic about Germany and everything that comes with it." But that, she points out, is not the reality.

Deutsche Welle (EN)

OTHER

Chinese tea chains expand into South Korea to challenge coffee culture

Chinese “new style tea” brands are expanding into South Korea as they seek growth outside an increasingly competitive domestic market and tap rising demand for healthier drink options in a coffee-dominated country. Chains such as Chagee plan new store openings in Seoul, supported by growing awareness among Korean consumers who have been exposed to tea-based beverages while travelling in China. The trend reflects strong international momentum for Chinese tea brands, with overseas sales growing rapidly and expansion already underway across Southeast Asia, as companies aim to position freshly made, fruit- and milk-based teas as a mainstream alternative to coffee.

South China Morning Post

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